Question 1

When assessee is not satisfied he can go in CIT appeal within.....&#10;A)30days&#10;B)60 days&#10;C)90 days&#10;D)120 days

Accepted Answer

The correct answer is A because when the assessee is not satisfied, he can go in CIT appeal within 30 days.

Question 2

If the payee does not furnish PAN and TDS u/s 194 dividends shall be made @.....&#10;A)20%&#10;B)15%&#10;C)10%&#10;D)nil

Accepted Answer

If the payee does not furnish their Permanent Account Number (PAN) and Tax Deducted at Source (TDS) under section 194 for dividends, the TDS rate applicable is 20%. This is in accordance with the provisions of the Income Tax Act, 1961, which stipulates a higher rate of TDS for non-furnishing of PAN.

Question 3

The carry forward of losses is permissible if the return of income for the year in which loss incurred is......&#10;A)filled on time&#10;B)not filled on time&#10;C)filled in advance&#10;D)none of the above

Accepted Answer

The carry forward of losses is permissible only if the return of income for the year in which the loss was incurred is filed on time. This is a requirement under tax laws in many jurisdictions to ensure timely compliance and accurate record-keeping.

Question 4

Rate of TDS (u/s 193) Interest on securities is.....&#10;A)15%&#10;B)12%&#10;C)10%&#10;D)20%

Accepted Answer

The rate of TDS (Tax Deducted at Source) under section 193 for interest on securities is 10%.

Question 5

Individual assessee is liable to pay advance tax in -----instalments during the financial year 19-20.&#10;A)2&#10;B)4&#10;C)3&#10;D)lump sum

Accepted Answer

Individual assessees are required to pay advance tax in 4 instalments during the financial year if their tax liability exceeds a certain threshold, as per the Income Tax Act of India.

Question 6

TDS made by.......&#10;A)person making payment&#10;B)government&#10;C)income tax department&#10;D)income tax payer

Accepted Answer

TDS (Tax Deducted at Source) is made by the person making the payment. It is a means of collecting income tax in India, under the Indian Income Tax Act of 1961.

Question 7

The rate of TDS on rental payment of plant & machinery of equipment is.....&#10;A)1%&#10;B)2%&#10;C)5%&#10;D)10%

Accepted Answer

The rate of TDS (Tax Deducted at Source) on rental payments for plant and machinery is 2% as per the Income Tax Act in India.

Question 8

Assessing officer is.....&#10;A)assistant commissioner&#10;B)deputy commissioner&#10;C)income tax officer&#10;D)all of the above

Accepted Answer

An assessing officer can be an assistant commissioner, deputy commissioner, or income tax officer, as all these positions have the authority to assess tax returns.

Question 9

Interest for non-payment or short payment of advance tax ( u/s 234 B )......&#10;A)1.5 % per month or part of the month&#10;B)2% per month or part of the month&#10;C)0.5% per month or part of the month&#10;D)1% per month or part of the month

Accepted Answer

Interest under section 234B is charged at 1% per month or part of the month for non-payment or short payment of advance tax.

Question 10

Income Tax in India is charged at the rates prescribed by&#8230;&#8230;..&#10;A)the finance act of the assessment year&#10;B)the income tax act 1961&#10;C)the central board of direct taxes&#10;D)the finance act of the previous year

Accepted Answer

The answer of Income Tax in India is charged at...

Deck 2: Income Tax Act and Procedures in India: Part B